TrueBlue, Inc. (NYSE:TBI) Q4 2023 Earnings Call Transcript February 21, 2024 5:00 PM ET
Company Participants
Taryn Owen - President and CEO
Carl Schweihs - CFO
Conference Call Participants
Jeff Silber - BMO Capital Markets
Mark Marcon - Baird
Will Brunemann - Northcoast Research
Marc Riddick - Sidoti & Company
Operator
Greetings and welcome to the TrueBlue Fourth Quarter 2023 Earnings Call. At this time, all participants are in a listen-only mode. A brief question and answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded.
At this time, I want to remind everyone that today’s call and slide presentation contain forward- looking statements, all of which are subject to risks and uncertainties, and management assumes no obligation to update or revise any forward-looking statements. These risks and uncertainties, some of which are described in today’s press release and SEC filings, could cause actual results to differ materially from those in forward-looking statements. Management uses non-GAAP measures when presenting financial results. You are encouraged to review the non-GAAP reconciliations in today’s earnings release, or at trueblue.com under the investor relations section, for a complete understanding of these terms, and their purpose. Any comparisons made today are based on a comparison to the same period in the prior year, unless otherwise stated. Lastly, a copy of the Company’s prepared remarks will be provided on TrueBlue’s investor website at the conclusion of today’s call, and a full transcript and audio replay will be available soon after the call.
It is now my pleasure to turn the call over to Taryn Owen, President and Chief Executive Officer.
Taryn Owen
Thank you operator, and welcome everyone to today’s call. I am joined by our Chief Financial Officer, Carl Schweihs. We appreciate you being here with us.
The economic environment that we and many of our customers are operating in continues to be challenging. Uncertainty led to a greater focus on reducing costs, leading many companies to ask for more from their internal teams to be more selective in the temporary and full-time positions they choose to fill. These dynamics resulted in reduced market demand across the staffing industry.
Revenue for the quarter was $492 million, down 12% compared to the prior year as economic uncertainty persisted, constraining business spend and impacting hiring trends. We are managing through this market cycle with agility and discipline, meeting our clients’ current needs and ensuring we are favorably positioned to capitalize on opportunities as conditions improve.